Decentralized finance (DeFi) has the potential to disrupt centralized finance by validating peer-to-peer transactions through tamper-proof smart contracts and thus significantly lower the transaction cost charged by financial intermediaries. However, the actual realization of peer-to-peer transactions and the levels and effect of decentralization are largely unknown. Our research pioneers a blockchain network study that applies social network analysis to measure the level, dynamics, and impacts of decentralization in DeFi token transactions on Ethereum blockchain. First, we find a significant core-periphery structure in the AAVE token transaction network where the cores include the two largest centralized crypto exchanges. Second, we provide evidence that multiple network features consistently characterize decentralization dynamics. Finally, we document that a more decentralized network significantly predicts a higher return and lower volatilities of the DeFi tokens. We point out that our approach is seminal for inspiring future extensions related to the facets of application scenarios, research questions, and methodologies on the mechanics of blockchain decentralization.
翻译：分散化金融(DeFi)有可能通过防止篡改的智能合同来验证同侪交易,从而大大降低金融中介机构收取的交易费用,从而破坏中央金融。然而,实际实现同侪交易以及权力下放的水平和效果在很大程度上还不清楚。我们的研究开创了利用社会网络分析衡量DFi Signal交易中分散化程度、动态和对Edeium 块链的影响的连锁网络。首先,我们在AAAVE象征性交易网络中发现了一个重要的核心范围结构,核心包括两个最大的中央密码交换中心。第二,我们提供了证据,证明多个网络始终具有分散化动态的特点。最后,我们记录了更分散化的网络显著地预测了DFiFi标志的更高回报率和较少的挥发性。我们指出,我们的方法对于鼓励未来与应用情景、研究问题和关于分块分权机制的方法等各方面有关的扩展至关重要。
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